The smoke was probably from the oil spraying all over a scalding hot motor, and the light would come on if it sensed a HUGE decrease in both oil pressure and amount of oil. Sounds like u ruptured a line/fitting or "hope not" the core.
It wont hurt anything at all as long as the car was NOT run w/o oil and u shut it down right away, it will just be a bitch to clean up lol.
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